Bestway Wholesale completed its acquisition of the Costcutter Supermarkets Group (CSG) from Bibby Line Group on Friday, following approval by the Financial Conduct Authority (FCA).
The deal was announced at the end of last year.
The business will now be led by Bestway Wholesale’s Managing Director, Dawood Pervez, with Costcutter’s CEO Darcy Willson-Rymer having officially stepped down.
Pervez commented: “It is with immense pleasure that we can formally welcome CSG into the Bestway family and we are delighted that the expected FCA approval has come through so quickly. We are very much looking forward to supporting the growth of our retailers and helping them excite their shoppers within a competitive marketplace”.
Pervez confirmed that integration of the two businesses will be led by Naser Khan, COO of Bestway Wholesale.
Khan said: “This is an incredibly exciting time as we look ahead and implement plans and lead from a position of increasing strength to accelerate growth and support our customers through seamless integration”.
The acquisition takes Bestway Wholesale’s annual turnover to almost £3bn, alongside a symbol, franchise, and company store retail estate of more than 3,795 stores. The company stated that retailers and suppliers will be supported by the additional scale of the combined business.
After agreeing the deal in December, Bestway subsequently confirmed that the current supply agreement that Costcutter retailers have with the Co-op had been extended until 2026.
Pervez concluded: “The acquisition cements our position as the true home of independent retailers with the breadth of scale and offer that independent retailers need to thrive in today’s competitive market.”